Unemployment Claims 14/7/2022

The Unemployment Claims rates determine the amount of individuals claiming unemployment insurance for the first time during the past week. This weekly indicator provides very timely data, but traders see unemployment as a slowing indicator that gives little indication of the future performance of the economy. A downward trend has a positive effect on a country's currency, as workers tend to spend more money, and consumption makes up a large part of GDP.

The number of Americans filing new claims for unemployment benefits rose by 4 thousand to 235 thousand in the week ending July 2, compared to market expectations of 230 thousand, indicating that labor market conditions may be mild. With the increase, unemployment claims rose to their highest levels since January of this year. On a seasonally unadjusted basis, initial claims rose 11,919 from the previous week to 219,507, with notable increases occurring in New York (+5,340), Michigan (+4,770) and California (+3,934). The four-week moving average was 232,500, an increase of 750 over the previous week's average

Estimate for today's data is 235 thousand
In the event that the current version was less than expected, this is an indication of the lack of unemployment complaints, which affects the currency in a positive way and vice versa

The statement will be issued at 3:30 pm Beirut time